Rand nosedives as South Africa flirts with recession
We didn’t get to this point during the course of the past month. We got to this point through years of maladministration… We’re not going to see the fruits of this turnaround strategy for a while…George Glynos, ETM Analytics
The rand weakened by 3% against the US dollar on Wednesday, hammered by a sequence of bad news.
June retail sales growth came in at 0.7%, much worse than the 2.2% the market expected.
The only key industry in South Africa to post any growth was mining, which increased 2.8% year-on-year in June, after declining by 1.8% in May.
At 5:46 pm the rand was trading at R14.63 to the dollar.
Listen to the interview in the audio below (and scroll down for more quotes from it).
This is the effect of years and years of maladministration… We’ve had a steady degradation of many of South Africa’s institutions… the good news is that things have turned around… Unfortunately, I think we’re going to deal with it for quite a while…George Glynos, ETM Analytics
Quite a lot has changed for the better since the beginning of the year…George Glynos, ETM Analytics
Land reform… I genuinely believe there’s been misinterpretation… I’m, believe it or not, a little more optimistic…George Glynos, ETM Analytics
Another remnant of the Zuma era… Ramaphosa is walking a very fine line here… a bloated civil service undoubtedly needs to be trimmed… it’s encouraging that we’re starting to think along those lines… although we need to see proof…George Glynos, ETM Analytics
People are justifiably upset about how things are run… and have lost faith in the authorities… the movements in the NPA is another step in a positive direction…George Glynos, ETM Analytics
I’m giving the Ramaphosa government the benefit of the doubt…George Glynos, ETM Analytics
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